Company registration number 04991271 (England and Wales)
TCR FOOD SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TCR FOOD SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
TCR FOOD SERVICES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TCR FOOD SERVICES LIMITED FOR THE PERIOD ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TCR Food Services Limited for the period ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of TCR Food Services Limited, as a body, in accordance with the terms of our engagement letter dated 6 December 2022. Our work has been undertaken solely to prepare for your approval the financial statements of TCR Food Services Limited and state those matters that we have agreed to state to the board of directors of TCR Food Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TCR Food Services Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that TCR Food Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of TCR Food Services Limited. You consider that TCR Food Services Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of TCR Food Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Malcolm Piper & Company Limited
20 March 2024
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
TCR FOOD SERVICES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
262,408
24,821
Tangible assets
4
768,906
667,820
1,031,314
692,641
Current assets
Stock
1,382,622
1,196,676
Debtors
5
1,704,541
882,394
Cash at bank and in hand
83,409
736,002
3,170,572
2,815,072
Creditors: amounts falling due within one year
6
(2,257,636)
(1,947,083)
Net current assets
912,936
867,989
Total assets less current liabilities
1,944,250
1,560,630
Creditors: amounts falling due after more than one year
7
(712,145)
(370,069)
Provisions for liabilities
(152,157)
(114,844)
Net assets
1,079,948
1,075,717
Capital and reserves
Called up share capital
9
2,000
2,000
Profit and loss reserves
1,077,948
1,073,717
Total equity
1,079,948
1,075,717

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

TCR FOOD SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 March 2024 and are signed on its behalf by:
Mr B H Matthews
Director
Company Registration No. 04991271
TCR FOOD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

TCR Food Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 50, Gravelly Industrial Park, Jarvis Way, Nechells, Birmingham, West Midlands, B24 8TG.

1.1
Reporting period

[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is between 10 and 35 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

TCR FOOD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
2% on cost
Plant and equipment
20% and 10% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stock

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

TCR FOOD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
46
46
3
Intangible fixed assets
Goodwill
£
Cost
At 2 April 2022
431,717
Additions
249,999
At 31 March 2023
681,716
Amortisation and impairment
At 2 April 2022
406,896
Amortisation charged for the period
12,412
At 31 March 2023
419,308
Carrying amount
At 31 March 2023
262,408
At 1 April 2022
24,821
TCR FOOD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 7 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 2 April 2022
153,994
397,444
43,618
72,879
1,075,534
1,743,469
Additions
19,900
3,679
2,211
22,907
231,882
280,579
Disposals
-
0
-
0
-
0
-
0
(72,194)
(72,194)
At 31 March 2023
173,894
401,123
45,829
95,786
1,235,222
1,951,854
Depreciation and impairment
At 2 April 2022
28,841
295,503
26,555
37,630
687,120
1,075,649
Depreciation charged in the period
3,480
20,817
2,588
12,347
104,639
143,871
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(36,572)
(36,572)
At 31 March 2023
32,321
316,320
29,143
49,977
755,187
1,182,948
Carrying amount
At 31 March 2023
141,573
84,803
16,686
45,809
480,035
768,906
At 1 April 2022
125,153
101,941
17,063
35,249
388,414
667,820
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
738,573
594,826
Amounts owed by group undertakings
818,022
-
0
Other debtors
147,946
287,568
1,704,541
882,394
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
67,391
56,015
Trade creditors
1,857,421
1,537,794
Taxation and social security
36,155
155,452
Other creditors
296,669
197,822
2,257,636
1,947,083
TCR FOOD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
128,411
195,828
Other creditors
583,734
174,241
712,145
370,069
8
Loans and overdrafts
2023
2022
£
£
Bank loans
195,802
251,843
Other loans
814,578
300,021
1,010,380
551,864
Payable within one year
298,235
181,795
Payable after one year
712,145
370,069

A bank loan of £51,862 (2022 - £62,449) is secured both by means of a personal guarantee provided by the directors and a debenture over the assets of the company.

A CBILS bank loan of £143,940 (2022 - £189,394) is guaranteed by H M Government in accordance with CBILS loans legislation

Hire purchase loans of £346,119 (2022 - £300,021) are secured upon the fixed assets they are financing.

Other loans of £468,459 (2022 - £Nil) are secured by the personal guarantees of a director.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
Ordinary A shares of £1 each
1,000
1,000
1,000
1,000
2,000
2,000
2,000
2,000
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
741,029
694,099
11
Directors' transactions
TCR FOOD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
11
Directors' transactions
(Continued)
- 9 -

The company continued to provide current account facilities to a director, who made withdrawals totalling £26,728 during the period, leaving £43,646 owed from him (2022 - £16,918 ) at the period end. The loan is unsecured, interest-free, and carries no stipulation as to terms of repayment.

12
Parent company

On 3 August 2022,the company became a subsidiary of TCR Food Services Holdings Limited, after that company purchased all of its shares. The registered office of the parent company is Unit 50 Gravelly Industrial Park, Jarvis Way, Nechells, Birmingham, B24 8TG.

2023-03-312022-04-02false20 March 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr Brian Heath MatthewsMr Michael Colin KirwanMrs M E Matthews049912712022-04-022023-03-31049912712023-03-31049912712022-04-0104991271core:NetGoodwill2023-03-3104991271core:NetGoodwill2022-04-0104991271core:LeaseholdImprovements2023-03-3104991271core:PlantMachinery2023-03-3104991271core:FurnitureFittings2023-03-3104991271core:ComputerEquipment2023-03-3104991271core:MotorVehicles2023-03-3104991271core:LeaseholdImprovements2022-04-0104991271core:PlantMachinery2022-04-0104991271core:FurnitureFittings2022-04-0104991271core:ComputerEquipment2022-04-0104991271core:MotorVehicles2022-04-0104991271core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104991271core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-0104991271core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3104991271core:Non-currentFinancialInstrumentscore:AfterOneYear2022-04-0104991271core:CurrentFinancialInstruments2023-03-3104991271core:CurrentFinancialInstruments2022-04-0104991271core:Non-currentFinancialInstruments2023-03-3104991271core:Non-currentFinancialInstruments2022-04-0104991271core:ShareCapital2023-03-3104991271core:ShareCapital2022-04-0104991271core:RetainedEarningsAccumulatedLosses2023-03-3104991271core:RetainedEarningsAccumulatedLosses2022-04-0104991271core:ShareCapitalOrdinaryShares2023-03-3104991271core:ShareCapitalOrdinaryShares2022-04-0104991271bus:Director12022-04-022023-03-3104991271core:Goodwill2022-04-022023-03-3104991271core:LeaseholdImprovements2022-04-022023-03-3104991271core:PlantMachinery2022-04-022023-03-3104991271core:FurnitureFittings2022-04-022023-03-3104991271core:ComputerEquipment2022-04-022023-03-3104991271core:MotorVehicles2022-04-022023-03-31049912712021-04-032022-04-0104991271core:NetGoodwill2022-04-0104991271core:NetGoodwill2022-04-022023-03-3104991271core:LeaseholdImprovements2022-04-0104991271core:PlantMachinery2022-04-0104991271core:FurnitureFittings2022-04-0104991271core:ComputerEquipment2022-04-0104991271core:MotorVehicles2022-04-01049912712022-04-0104991271core:WithinOneYear2023-03-3104991271core:WithinOneYear2022-04-0104991271bus:PrivateLimitedCompanyLtd2022-04-022023-03-3104991271bus:SmallCompaniesRegimeForAccounts2022-04-022023-03-3104991271bus:FRS1022022-04-022023-03-3104991271bus:AuditExemptWithAccountantsReport2022-04-022023-03-3104991271bus:Director22022-04-022023-03-3104991271bus:CompanySecretary12022-04-022023-03-3104991271bus:FullAccounts2022-04-022023-03-31xbrli:purexbrli:sharesiso4217:GBP